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When considering a home purchase in Kansas City, a mortgage calculator is a particularly useful tool. It will quickly help you estimate monthly payments, total interest, and the overall cost of the mortgage, providing a clear picture of your financial commitment. By inputting the home price, down payment amount, loan term, interest rate, and property tax rate, you can explore different scenarios on your path to a home loan. For example, you can find out how increasing or reducing your down payment might affect your monthly costs. Ready to get started? Learn how to use the calculator to maximum benefit now.
Key Points
• A Kansas City mortgage calculator is an essential tool for estimating monthly payments, total interest, and overall costs on a home loan.
• A down payment is a significant factor in determining your monthly mortgage payment and the total interest you’ll pay over the life of the loan.
• Down payment assistance programs are available to help first-time homebuyers.
• The loan term you choose significantly impacts your monthly payments and total interest paid over the life of the mortgage.
• This calculator takes property taxes into account, because they are often paid as part of a monthly mortgage payment.
Kansas City, MO Mortgage Calculator
Calculator Definitions
• Home price: The home price is the purchase price you have agreed to with the home seller, which may differ from the listing price or your initial offer.
• Down payment: The down payment is what you pay upfront, typically from 3% to 20% of the purchase price. Put down 20% and you likely won’t need to pay for private mortgage insurance (PMI). A jumbo loan may require 10% down. To see how much money you’ll need to hit 10% or 20%, use a down payment calculator.
• Loan term: The loan term is the length of time you have to repay the mortgage. A 15-year term offers lower interest rates and faster equity buildup, while a 30-year term provides more manageable monthly payments.
• Interest rate: The interest rate is the cost of borrowing money, expressed as a percentage of the home loan amount. Factors like your credit score, market conditions, and type of mortgage loan can influence the interest rate you qualify for.
• Annual property tax: Property taxes are typically expressed as a percentage of the home’s assessed value. In the Kansas City metro area, they are affected by whether your home is located in Missouri or Kansas. Search your county name or ZIP code and “effective property tax rate” to find your rate, or use the average rate for Jackson County, MO, where much of Kansas City is located: 1.15%.
• Total monthly payment: The total monthly payment typically includes the principal loan amount and the interest accrued.
• Total interest paid: The total interest paid represents the cumulative amount of interest you will pay over the entire duration of the loan.
• Total loan cost: The total loan cost is the all-in amount you will repay for the home loan, including both principal and interest.
How to Use the Kansas City, MO Mortgage Calculator
Step 1: Enter Your Home Price
Type in the purchase price of the property.
Step 2: Select a Down Payment Amount
Choose how much of the home price you will pay upfront.
Step 3: Choose a Loan Term
Select the length of time to repay the mortgage, anywhere from 10 to 30 years. A longer term lowers monthly payments but increases total interest.
Step 4: Enter an Interest Rate
Input your estimated interest rate to the second or third decimal point. Lower rates reduce monthly payments and total interest paid.
Step 5: Add Your Property Tax Rate
Enter the percentage of your property’s market value used for property tax. For the specific percentage in your area, search online for the property’s town or ZIP code and “effective property tax rate.”
Benefits of Using a Mortgage Payment Calculator
A mortgage calculator helps homebuyers estimate affordable house prices by calculating monthly payments based on loan amount, interest rate, loan term, and property taxes. Particularly if you are buying your first home, it can be helpful to run different scenarios through the calculator. What if you reduce your down payment and extend your loan term? Can you handle a shorter loan term if you find a somewhat lower-priced home? You can also quickly see the impact of different interest rates on your monthly costs.
Deciding How Much House You Can Afford
The main components of a home loan payment are principal and interest. The principal is the amount you borrowed, and the interest is the cost of borrowing that money. The home price, down payment amount, interest rate, and loan term all influence these components. A longer loan term results in higher total interest paid, while a shorter term can save you money on interest. But for many first-time buyers, a longer loan term is a huge help in ensuring they can make their monthly payments without scrimping in other areas of the budget.
Homebuyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
The main components of a home loan payment are principal and interest. The principal is the amount you borrowed, and the interest is the cost of borrowing that money. The home price, down payment amount, interest rate, and loan term all influence these components. A longer loan term results in higher total interest paid, while a shorter term can save you money on interest. But for many first-time buyers, a longer loan term is a huge help in ensuring they can make their monthly payments without scrimping in other areas of the budget.
Homebuyers who are exploring a home loan guaranteed by the Federal Housing Administration (FHA), try using an FHA mortgage calculator, which factors in both the loan’s upfront and ongoing mortgage insurance premiums.
A VA mortgage calculator will be useful if you’re looking at a loan backed by the U.S. Department of Veterans Affairs.
Compare current home interest rates by state and find a mortgage rate that suits your financial goals.
Select a state to view current rates:
Cost of Living in Kansas City, MO
Both Missouri and neighboring Kansas are two of the best affordable places in the U.S., with cost of living indexes that are significantly below the national average. The Kansas City metropolitan area includes both Kansas City, Missouri, and its close neighbor, Kansas City, Kansas. Here, the overall cost of living is 91.1% on a scale where 100% equals the cost of living in the U.S. as a whole, according to the Council for Community and Economic Research (C2ER). In Jackson County, one of the primary counties where Kansas City is located, a living wage for two adults working full time and raising two children is $40.34 per hour, according to MIT’s Living Wage Institute.
As you can see from C2ER’s breakdown of costs, housing is particularly affordable in Kansas City when compared to national averages.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Kansas City, MO First-Time Homebuyer Assistance Programs
If you’re considering buying your first home in Kansas City, down payment assistance programs are specifically designed to help new buyers cover the initial costs involved. To qualify for these programs, you typically must not have owned a primary residence within the past three years. Missouri first-time homebuyer programs are run primarily by the Missouri Housing Development Commission. But in the larger Kansas City area, it’s smart to search for your county and state name and “first-time homebuyer program” to make sure you have covered the bases. For eligible buyers, these programs can truly make homeownership more accessible.
In a world where it feels like so much is riding on your mortgage interest rate, you may be surprised to learn that once you’ve purchased your home, there may still be a way to lower your monthly mortgage payment. Check out these options once you have settled in:
• As soon as you have 20% equity in your home, you can request removing private mortgage insurance (PMI) from your monthly payments. Remember that you may build equity via appreciation, so you might hit the 20% mark sooner than you would have expected based on your mortgage amortization.
• If you receive a bonus or other windfall, mortgage recasting can be a smart financial move. You’ll direct a lump-sum payment toward your mortgage principal and then ask your lender to recompute your payments.
• You can also consider a mortgage refinance if rates have dropped noticeably since you got your mortgage or if your credit score has improved significantly.
• If you believe your property tax assessment is too high, you can appeal. A successful appeal can lower your property tax bill, reducing your overall monthly mortgage payment. Use caution though: Sometimes asking for a reassessment can backfire and the assessment will increase.
• If financial hardship makes it difficult to manage mortgage payments, you can request that your lender modify your loan to make them doable.
• Consider shopping for a lower homeowners insurance rate. Or you can lower your current premiums by increasing your deductible, bundling home and auto insurance, or making upgrades that enhance your home’s security or storm resistance.
The Takeaway
Utilizing a mortgage calculator can provide valuable insights into the financial aspects associated with buying a home in Kansas City. A calculator can quickly estimate your prospective monthly payments and show the total interest paid over the loan’s life. Running different combinations of down payment amount and loan term through the calculator can swiftly show you how your mortgage decisions will affect your monthly budget, ensuring you are well-prepared and informed about the commitment you are undertaking.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
The monthly mortgage payment for a median-priced home in Jackson County, Missouri (where much of Kansas City is located) is around $1,500, according to the National Association of Realtors®. But as a mortgage calculator shows, an average payment can fluctuate based on several factors, including the price of the home, the prevailing interest rate, and the term length of the loan.
Should I choose a 30-year or 15-year mortgage term?
Use a mortgage calculator to see how different mortgage term lengths affect your monthly costs, then choose the term that renders the monthly bill you can afford. You’ll want to make sure you aren’t compromising other areas of your finances to pay your mortgage. A 30-year term offers lower payments but higher overall interest. A 15-year term has higher payments but saves significantly on interest.
How can I get a lower mortgage interest rate?
To get a lower mortgage interest rate when initially applying for a mortgage, focus on improving your credit score, increasing your down payment, and shopping around for the best offers. A score of 700 or above can often lead to better rates. If you already have a mortgage and want to lower your rate, you will want to examine the pros and cons of a refinance, if current market rates are notably lower than when you made your home purchase, or if your credit score has improved significantly. If you explore a refinance, make sure you factor closing costs on the new loan into your list of pros and cons.
Can I afford a $500K house on a $100K salary?
Using a home affordability calculator shows that it’s unlikely that you could afford a $500,000 home on a $100,000 annual salary. A comfortable purchase budget for you would be in the neighborhood of $360,000. If you put down a 20% down payment on a $500,000 house, your monthly loan payment would be around $2,500 which would be a stretch on a $100,000 salary if you don’t have some other form of income.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
